Aba Integrated Power Project (Aba IPP) has signed a N15
billion new Transaction Implementation Agreement with
its leading sponsors, Geometric Power project
companies, pursuant to which Afrigem Integrated Utilities
Limited becomes a core investor in the integrated
electricity power project. According to the parties, the
new Transaction Implementation Agreement is expected
to help fast-track the commissioning of the plant to
takeoff in November and start the generation and
distribution of quality electricity power to the residents of
Aba metropolis.
It will be recalled that Geometric Power led the sponsors
of Aba IPP while the creditors include Diamond Bank Plc,
Asset Management Corporation of Nigeria (AMCON) and
Stanbic IBTC Bank Plc. Afrigem, a West African focused
development and investment company with a 720MW
pipeline of energy solutions project in the region.
Geometric Power is to inject N15 billion into the project,
making Geometric Power one of the most capitalised
private sector driven power companies in the sub-region.
In its 3-year growth plan, the Sponsors and Afrigem
expect to increase the plant capacity from 141MW to
341MW by 2018.
Professor Bart Nnaji, Chairman of Geometric Power
Limited led the signing on behalf of the project sponsors
while Mallam Samaila Zubairu, Vice Chairman of Afrigem,
led the signing on behalf of Afrigem Integrated Utilities
Limited at the ceremony attended by energy consultants,
top bank executives and representatives of the various
professional parties.
“I believe that the immense benefits that this new
implementation agreement will bring will make Nigeria a
better place especially as it will help boost economic
production when the power plant starts generating
power soon.” We commend Geometric Power,
StanbicIBTC and others that have made this to work
today. We also commend AMCON for helping to bear the
burden when it was very heavy for us; but the coming of
Afrigem into this integrated project is a good one for all
of us and for Nigeria”.
Professor Nnaji, on his part, expressed delight at the new
development. He noted that Aba IPP remains the first
green-field integrated power project developed by a
private indigenous consortium which, upon
commissioning, will deliver quality reliable 24-hour
electricity supply to industries, commercial enterprises,
residents of Aba metropolis and bring huge economic
revival in the country.
“I would like to applaud everyone who helped to see this
come to pass today. We are very happy that this project
is on and with this we will bring power to the people of
Aba and we hope to see the economic revival that this
provision will bring to Nigeria,” he said.
www.vanguardngr.com/2015/07/geometric-power-banks-others-sign-n15bn-new-agreement-on-power/

THE BEST MAN FOR THE JOB

Barth had to choose btw wealth and service to nigeria. He chose the former. ..

well goodluck to him.

Bart Nnaji, the Minister for Power who did very well within a very short period. If Jonathan didn't fire him, light situation would has stabilized considerably in Nigeria by now. Shame on GEJ.

sunkoye:
Barth had to choose btw wealth and service to nigeria. He chose the former. ..

well goodluck to him.

What would Sunkoye do?